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The following are the few guidelines for the first time Credit Card users.
1. Credit cards usage:
Credit card usage amounts to taking an unsecured loan from the card company. Interest rates on credit cards are high (22-48% p.a.). Interest is levied on monthly basis (39% p.a. is 3.25% monthly).
2. Interest Rates:
Beyond interest-free period, monthly interest on outstanding will be charged. In addition, late payment fee and service tax (14.5%) will be levied.
3. Minimum Due:
Benefit of paying minimum amount is to protect credit score.
4. Credit Card Cash:
You can withdraw cash using a credit card but the cash withdrawal limit is usually lower than the credit card spending limit.